Markets soar on China's surprise rate cut

China's unexpected rate cut sent the markets soaring to a sharply higher open with the Dow surging 143 points to 17,862. Nasdaq climbed 31 points to 4,733.

On the upside

Splunk (Nasdaq: SPLK) widened losses for the third quarter but the results were better than expected and the company forecast current quarter and full year revenue above analyst estimates.

Net Element (Nasdaq: NETE) extended its gains.

Lincoln Park Capital agreed to purchase up to $55 million of Galena Biopharma (Nasdaq: GALE) common stock.

On the downside

GameStop (NYSE: GME) disappointed with lower third quarter earnings and revenue that fell short of analyst expectations and lowered its full year guidance.

On Track Innovations (Nasdaq: OTIV) priced its public offering of 6.25 million common shares at the discounted price of $1.60 per share.

Lexicon Pharmaceuticals (Nasdaq: LXRX) priced its public offering of more than 49.7 million common shares at the discounted price of $1.005 per share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 climbed 16 points to 2069. Bitcoin slipped $3 to $353.
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